1inch’s joint liquidity mining program with ICHI
Following recent successful farming programs, the 1inch and ICHI teams are excited to announce the launch of a new joint liquidity mining program.
ICHI is the native token of the ICHI protocol, a community-driven infrastructure that enables any crypto community to create and run their own stablecoin pegged to the U.S. Dollar. Through this partnership both communities will be rewarded with 1INCH and ICHI tokens with future collaborations coming further down the line.
Powering the community through joint liquidity mining
With the launch of the joint farming mining program both teams aim to strengthen the ties between the 1inch and ICHI communities, allowing them to earn both ICHI and 1INCH tokens for their liquidity provision services, a win-win situation for all LPs, who had to previously decide whether to stake their liquidity pool tokens (LP tokens) at ichi.org and earn ICHI or at 1inch.exchange and earn 1INCH.
The 1INCH-ICHI farming program starts on March 23 at 00.01 UTC and will run for 20 weeks, split into five 4-week periods.
During this 20-week period, 0.01% of the 1INCH token supply (150k 1INCH) will be distributed throughout the liquidity providers. In line with this, a minimum of 1.5% of the ICHI token supply (75k ICHI) will be distributed to liquidity providers. See ‘Table 1’ for the distribution details by month.
Table 1–1INCH & ICHI Reward Schedule
How to participate in the joint liquidity mining program
You need to be a liquidity provider to the 1INCH-ICHI pool to participate in the program. To become a liquidity provider:
- Navigate to the pools tab on 1inch.exchange and choose the 1INCH-ICHI pool;
Please, note that assets for each pool pair are provided in equal USD values. Therefore, you need to make sure you have a sufficient balance of both assets.
- Click on the ‘+’ icon or the ‘provide’ button;
- Select the amount of liquidity you want to provide by entering a value in the ‘enter LP token amount to mint’ or ‘value in USD’ field. You can also go for the maximum number of tokens by clicking ‘max’;
- Click the ‘unlock’ button and select one of the unlock options in the token field, sign a transaction in your wallet application and wait until it is mined;
Note that you may need to unlock both assets in the pool in order to proceed.
- Click the ‘provide liquidity’ button then sign it in your wallet and wait for the transaction to be mined;
You now hold LP tokens from the aforementioned pool in your wallet. These represent your share of liquidity in the respective pool. You need to stake those LP tokens on the farming tab to participate in the farming program:
- In the ‘farming’ tab, find the pool you have just provided liquidity to and click ‘deposit’;
- Enter the maximum number of LP tokens by clicking on the ‘balance’: in the upper right corner of the field, click on ‘unlock token’, select one of the two unlocking options, confirm the transaction in your wallet and wait for it to be mined;
- medium.com/1inch-network/medium.com/1inch-network/Click the ‘deposit’ button and sign the medium.com/1inch-network/transaction in your wallet application. As soon as the transaction has been mined, the liquidity providing process will be complete.medium.com/1inch-network/